Pickens, Facing Headwinds, Pushes Energy Plan in DC

Falling oil prices, stock market have taken alternative-energy push along for ride
By Clay Dillow,  Newser Staff
Posted Jan 13, 2009 8:27 AM CST

(Newser) – Billionaire T. Boone Pickens is in Washington today to push lawmakers to breathe new life into his scheme for weaning America off foreign oil—which has suffered setbacks in recent months, the Wall Street Journal reports, not least of which are the energy and stock markets. A $100 decline in oil has stripped the “Pickens Plan” of urgency while private investment dollars dried up.

Pickens’ plan called for massive wind farms and conversion of vehicles to natural gas. But a $60 million media campaign and a national tour of meetings with government officials and business leaders hasn’t trumped the headwinds. Legislation currently in the works might include tax incentives to reduce oil use, and that’s about it—driving Pickens’ visit to DC.